Malta taps into blockchain regulation passing 3 major bills

27 June 2018

Silvio Schembri, a member of Maltese Parliament reported in his tweet that the Parliament passed three bills aimed at regulating the blockchain, cryptocurrency and distributed ledger technologies across the nation, thus, making it a ‘Blockchain Island’. According to Schembri, Maltese Parliament unanimously adopted 3 bills on the aforementioned technologies, becoming first in the world nation to take up the matter at full scale.

The bills numbered 43, 44, and 45 are known under these titles: “The Innovative Technology Arrangements and Services Act,” “The Virtual Financial Assets Act,” and “The Malta Digital Innovation Authority Act,” respectively. The new regulation should facilitate the work of the Maltese government on how to address and control blockchain and related technologies as it seeks to become an international center for cryptocurrency business.

Thus, bill 45 envisages the establishment of the Malta Digital Innovation Authority that would be managed by its CEO, Stephen McCarthy, a former Finance Director of Greenpeace Mediterranean and a chairman of the two Maltese companies. The newly formed body’s task would include promotion and development of the blockchain technologies in the country.

Among other things, the adopted bills provide for the control and regulation of initial coin offerings.